FAQ

1.

Can a foreigner obtain a residence permit based on real estate?

Answer:

On 1 April 2016, a new Law on Foreigners came into force in Montenegro, on the basis of which foreigners who own a real estate in Montenegro will be able to apply for a stay of one year, with the possibility of extension. This law meets the requirements of the European Union regarding the residence permit, labor and immigration laws.

2.

What papers are needed to obtain a residence permit on the basis of real estate?

Answer:

Immovable property folio (not older than 7 days) Proof of funds on one’s bank account (€ 3,650) Health insurance (minimum 30 days) A copy of all pages of one’s travel document Proof that the person has not been convicted in his/her state of origin (translated by a court interpreter) Registration at the Tourist Organization of Bar

3.

How do I become the owner of immovable property?

Answer:

Contract of Sale and Purchase is signed at the notary’s office; after the apartment in question has been paid in full, the notary submits the information thereof to the Real Estate Office which then issues a Decision of ownership of the immovable property in question.

4.

Who bares the costs of signing the Contract of Sale and Purchase?

Answer:

Buyer bears the costs of contract signing with the notary. The amount depends on the apartment size and is calculated on the basis of the notary fee. Also, the buyer pays a fee for data entry in the Cadaster - € 25. For an apartment costing up to € 60,000, the pre-contract costs € 150 + VAT, and the main contract - € 300 + VAT.

5.

What is the tax on the sale and purchase of immovable property?

Answer:

The said tax amounts to 3% of the market value of real estate in question. Since you are buying an apartment straight from an investor, you do not bear that cost.

6.

Is it possible to pay for the apartment in installment or to take out a loan?

Answer:

It is possible to pay in installment - conditions are arranged individually. There is also the possibility to get a housing loan (valid for foreigners as well) - 50% of the total amount is paid immediately to the seller’s account, while the loan agreement is signed with CKB bank for the remaining 50%.

7.

Building maintenance.

Answer:

According to the Law on Maintenance of Residential Buildings, the minimum amount is 0.20 €/m2 on a monthly basis. There is a possibility for tenants to decide on a larger amount necessary to maintain common areas in the building. According to our estimate, the maintenance can amount to 0.60 €/m2, depending on the negotiations between the Tenants' Assembly and Maintenance Agency.

8.

What does "turn-key" imply?

Answer:

Turn-key implies that finishing works have been completed, kitchen and bathroom tiles installed, as well as floor coverings, sanitary ware, split ac system.

9.

What is the annual tax on real estate?

Answer:

The amount of tax depends on several details (square area, age of the building, number of people per household, whether the owner is a foreigner or not, does he/she own more housing units, etc.) and it is calculated and invoiced by the Municipality by the end of April. The tax is to be paid by the end of November.

10.

Park

Answer:

According to Topolica III - Detailed Urban Plan of Bar Municipality, the complex is to encompass a large park which will include a children's playground, bicycle path, pedestrian zone with large fountain, and a pet walking area. The park is a public good, accessible to everyone; landscaping and equipping of the park will be completed simultaneously with the completion of construction of the complex.

11.

Will the fence on the terrace be of glass entirely?

Answer:

Yes.

12.

What is the distance between Building 1 and Building 2?

Answer:

20 meters.

13.

What is the distance between the complex and the beach?

Answer:

250 meters; also, there is an open sea view from the buildings.

14.

Common areas in the buildings.

Answer:

Both buildings will have a spacious hall with a reception.

15.

Number of elevators in the building.

Answer:

Both buildings will have two smaller elevators with 3.6 m2 area, and a big one with area 5 m2.

16.

Underground parking.

Answer:

Both buildings will have 109 garage spaces in total, area 12-15 m2. (Garage space in the building can only be purchased by the building tenants).

17.

What is the ceiling height?

Answer:

Ceiling height in business premises on the ground floor is 6 meters, while the ceiling height in the apartments is 3.1 m.

18.

Who can use the roof-top terrace?

Answer:

The roof-top terrace will be available to owners of lux apartment on the last floor in our complex. Roof-top terrace can be reached using an elevator, or, alternatively, at the construction stage it is possible to make a stairway directly from the apartment.

19.

Start and finish of construction works

Answer:

Construction starts on February 2018, the completion is expected in October 2019.

20.

Information on business premises

Answer:

Business premises are sold exclusively at the “rough-ins” stage, i.e. without finishing. It is possible to have two floors in business premises, given the 6 m ceiling height. The toilet will be located in the place that best suits the buyer.